The Memorandum of Understanding between Vnesheconombank and The Korea Development Bank

15 november 2007 года
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The State Corporation “The Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and The Korea Development Bank (KDB) signed a Memorandum of Understanding (The MOU).

The Agreement was signed by the Chairman of Vnesheconombank Mr. Vladimir Dmitriev and the Governor of KDB Mr. Kim, Chang-Lok.

Under The MOU the Parties are intent on establishing partnership relations in the area of developing trade and project financing, syndicated loans, as well as exchanging experience and information in their respective fields of business.

According to the document, the Parties shall take all appropriate steps to develop and strengthen their business relationship on the basis of equality, mutual benefits, mutual understanding, respect and trust.

KDB, was founded in 1954 as a state development bank. KDB ranks 4th  inside the country and 101th in the world in terms of assets volume.

 

Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 608-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru

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Russian Finance Minister’s Commendation Presented to Director and Deputy Director of Internal State Assets Department

14 november 2007 года
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Today, on November 14, the Russian Finance Minister’s Commendation was presented at the presentation ceremony to Director of the Internal State Assets Department Anton Staroselsky and Deputy Director of the Internal State Assets Department Mikhail Dorofeev.

 

Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 608-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru

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Repayment of 1999 OGVZs

14 november 2007 года
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Today on November 14, in accordance with the terms of issuing and trading 1999 OGVZs (state registration number MK-00-139) Vnesheconombank acting as a paying agent and servicing depository for the Russian Finance Ministry repaid 1999 OGVZs having paid the balance of the principal in the amount of 50% of the bonds’ par value and the last half-year coupon at a rate of 3% per annum.

The amount of 1999 OGVZs issued into circulation was 889.7 million US dollars; the bonds were centrally serviced by Vnesheconombank’s Custody Department.

1999 OGVZs were issued in 2000 in order to restructure the government debt on third tranche OVGVZs 95.8% of third tranche OVGVZs issued into circulation were presented for novation. Holders of third tranche OVGVZs who failed to get their bonds novated on the set date can enter into an agreement with the Russian Finance Ministry on termination fee and get their bonds repaid.

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The Russian Government ad the Bank for Development Plan to Complete the Selection of Investment Projects to Build New Shipyards in the First Half of 2008

8 november 2007 года
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MOSCOW, November 8. /PRIME-TASS/. The Government of the Russian Federation and the Bank for Development plan to complete in the first half of 2008 the selection of investment projects to build new shipyards. Russian Industry and Energy Minister Victor Khristenko told journalists about it. According to the Minister, a tender for new shipyards projects has already been announced in the Far East, the North and the Northwest, These projects are to be carried out within private-public partnership with the use of the Investment Fund’s money. According to Khristenko, the state could assume responsibility for building infrastructure for new shipyards.

V. Khristnko said that at present Russian shipyards are not in a position to build ships of more than 70-80 tons’ displacement. New shipyards should give top priority to building ice-reinforced ships of 140-160 tons’ displacement to operate in the Baltic Sea as well as northern and far eastern seas. The Minister added that in order to operate new production facilities they plan to involve world –class partners for them to introduce new technologies into these projects. The Industry and Energy Minister said that it would take 2.5-3 years to implement projects to build new shipyards and that it would take from 12 to 36 months to build new platforms.

V. Khristenko said that in accordance with today’s decision taken by the Russian Government, the Bank for Development is to become one of the participants in selecting and preparing new shipyards investment projects. Moreover, the Bank for Development would be involved in making arrangements for leasing ships.

The Minister said that in the period till 2015 the domestic market demand for hydrocarbons prospecting and production platforms is 30-35 pieces. Furthermore, we’ll need to build auxiliary fleet to service these platforms.

V. Khristenko added that in the period till 2012, a backlog of orders in world shipyards had already been formed and Russian new shipyards would not aim to redistribute the orders. “Our task is to fit into the next stage’, said the Industry and Energy Minister.

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Vnesheconombank Chairman Vladimir Dmitriev participated in the events held by the Council of Heads of Governments of the Shanghai Cooperation Organization in Tashkent on November 2

2 november 2007 года
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